PublicationsInsights on Current Policy Issues

This memorandum will provide a survey of federal action on cryptocurrencies (aka virtual currencies), including enforcement and guidance. At present, some federal regulators have begun asserting oversight and enforcement authority under their existing powers while other potential regulators have not yet indicated publicly what, if any, oversight they will exercise. Other federal stakeholders on cryptocurrencies have also begun to engage. However, the U.S. government’s approach to virtual currencies remains fluid.

This memorandum will provide a survey of federal action on cryptocurrencies (aka virtual currencies), including enforcement and guidance. At present, some federal regulators have begun asserting oversight and enforcement authority under their existing powers while other potential regulators have not yet indicated publicly what, if any, oversight they will exercise. Other federal stakeholders on cryptocurrencies have also begun to engage. However, the U.S. government’s approach to virtual currencies remains fluid.

This memorandum will provide a survey of federal action on cryptocurrencies (aka virtual currencies), including enforcement and guidance. At present, some federal regulators have begun asserting oversight and enforcement authority under their existing powers while other potential regulators have not yet indicated publicly what, if any, oversight they will exercise. Other federal stakeholders on cryptocurrencies have also begun to engage. However, the U.S. government’s approach to virtual currencies remains fluid.

W&J Publications

Insights on Current Policy Issues

Federal Regulation of Cryptocurrencies

This memorandum will provide a survey of federal action on cryptocurrencies (aka virtual currencies), including enforcement and guidance. At present, some federal regulators have begun asserting oversight and enforcement authority under their existing powers while other potential regulators have not yet indicated publicly what, if any, oversight they will exercise. Other federal stakeholders on cryptocurrencies have also begun to engage. However, the U.S. government’s approach to virtual currencies remains fluid.

Federal Regulation of Cryptocurrencies

This memorandum will provide a survey of federal action on cryptocurrencies (aka virtual currencies), including enforcement and guidance. At present, some federal regulators have begun asserting oversight and enforcement authority under their existing powers while other potential regulators have not yet indicated publicly what, if any, oversight they will exercise. Other federal stakeholders on cryptocurrencies have also begun to engage. However, the U.S. government’s approach to virtual currencies remains fluid.

Federal Regulation of Cryptocurrencies

This memorandum will provide a survey of federal action on cryptocurrencies (aka virtual currencies), including enforcement and guidance. At present, some federal regulators have begun asserting oversight and enforcement authority under their existing powers while other potential regulators have not yet indicated publicly what, if any, oversight they will exercise. Other federal stakeholders on cryptocurrencies have also begun to engage. However, the U.S. government’s approach to virtual currencies remains fluid.

Update on Trump Administration Deregulatory Efforts

By Frank Vlossak

Since taking office, President Trump and his Administration have worked toward regulatory reform that includes the review, revision, and repeal of existing regulations, with a focus on rules promulgated by the Obama Administration. Congress has played a key role in this effort, through the use of the Congressional Review Act to repeal rules finalized in the waning months of the prior Administration, as well as one rule issued by the Consumer Financial Protection Bureau (CFPB) in 2017.

President Trump signed a series of executive orders in the early months of his presidency that are propelling the deregulatory efforts of federal agencies. These executive orders: set a cap limiting regulations in Fiscal Year 2017 to zero net cost; provide agencies with a framework for limiting new regulations and identifying existing rules to repeal or revise; direct review and revision or repeal of the “Waters of the United States” rule issued by the Obama Administration; and require review and reform of energy and climate-related regulations.

EPA Initiates Regulatory Review in Response to Executive Order

By Frank Vlossak

On April 13, the Environmental Protection Agency (EPA) published a notice in the Federal Register soliciting public comments “on regulations that may be appropriate for repeal, replacement, or modification.” The notice is part of the EPA’s efforts to implement the Executive Order titled “Enforcing the Regulatory Reform Agenda” (E.O. 13777), which was signed by President Trump on February 24, 2017. The deadline for submitting public comments is May 15, 2017. EPA offices will also be conducting public forums on regulatory reform over the next four weeks. The Executive Order establishes mechanisms intended to reduce regulations, including by implementing the President’s January 30, 2017 Executive Order (E.O. 13771) which calls for agencies to eliminate two regulations for each new regulation they promulgate.

Update on Congressional Review Act Resolutions

By Frank Vlossak

Congress enacted the “Congressional Review Act” (CRA) as part of the “Contract with America Advancement Act” (P.L. 104-121) in 1996 and it is codified at 5 U.S.C. 801-808. The CRA established an expedited process for Congress to repeal recently promulgated regulations through passage of joint resolutions signed into law by the President. As of April 7, the President has signed eleven CRA resolutions into law. The House and Senate have passed two more, which the President is expected to sign. Activity on CRA resolutions will begin to wind down as the statutory cut-off for action on resolutions to repeal final rules issued during the 114th Congress is expected to occur no later than early May.

On March 28, 2017, President Trump signed an Executive Order directing a number of actions to repeal or revise Obama Administration policies targeting greenhouse gas (GHG) emissions and climate change. It also requires federal departments and agencies to “review existing regulations that potentially burden the development or use of domestically produced energy resources and appropriately suspend, revise, or rescind those that unduly burden the development of domestic energy resources.” The “Promoting Energy Independence and Economic Growth” Executive Order (E.O. 13783) was published in the Federal Register on March 31.

Trump Administration Executive Order on “Enforcing the Regulatory Reform Agenda”

By Frank Vlossak

On February 24, 2017, President Trump signed an Executive Order entitled “Enforcing the Regulatory Reform Agenda”. The Executive Order establishes mechanisms intended to reduce regulations, including by implementing the President’s January 30, 2017 Executive Order which calls for agencies to eliminate two regulations for each new regulation they promulgate. Among the requirements of this latest Executive Order are mandates for federal agencies to appoint “Regulatory Reform Officers” and establish “Regulatory Reform Task Forces”. As described in a White House press release, the Executive Order directs each agency’s Regulatory Reform Task Force to: “evaluate existing regulations and identify candidates for repeal or modification”; and “focus on eliminating costly and unnecessary regulations.”

PublicationsInsights on Current Policy Issues

This memorandum will provide a survey of federal action on cryptocurrencies (aka virtual currencies), including enforcement and guidance. At present, some federal regulators have begun asserting oversight and enforcement authority under their existing powers while other potential regulators have not yet indicated publicly what, if any, oversight they will exercise. Other federal stakeholders on cryptocurrencies have also begun to engage. However, the U.S. government’s approach to virtual currencies remains fluid.

This memorandum will provide a survey of federal action on cryptocurrencies (aka virtual currencies), including enforcement and guidance. At present, some federal regulators have begun asserting oversight and enforcement authority under their existing powers while other potential regulators have not yet indicated publicly what, if any, oversight they will exercise. Other federal stakeholders on cryptocurrencies have also begun to engage. However, the U.S. government’s approach to virtual currencies remains fluid.

This memorandum will provide a survey of federal action on cryptocurrencies (aka virtual currencies), including enforcement and guidance. At present, some federal regulators have begun asserting oversight and enforcement authority under their existing powers while other potential regulators have not yet indicated publicly what, if any, oversight they will exercise. Other federal stakeholders on cryptocurrencies have also begun to engage. However, the U.S. government’s approach to virtual currencies remains fluid.